MIAMI, FL - Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has announced the acquisition of Park Towers Apartment Homes, a 270-unit community in Richton Park, Illinois, within Chicago’s coveted Cook County submarket.
South Florida-based Eastham Capital acquired the community for $30.4 million through its fund, Eastham Capital Fund VII, LP, with its trusted operating partner, Bender Companies. To date, Eastham and Bender have co-invested in thirteen projects, all of which are currently delivering above-proforma returns.
“We are thrilled to announce the third acquisition for Eastham Capital Fund VII as we continue expanding our footprint in the highly desirable Chicago Market,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “Benefiting from direct rail access to Downtown Chicago via the Richton Park Metra Station and a strong employment corridor, Park Towers offers a favorable investment opportunity for our fund.”
Currently at 94% occupancy, with average rents of $1531 per month, Park Towers represents a compelling value-add opportunity in one of the fastest-growing suburban Chicago markets. The renovation plan includes roughly over $2.2 million focused on property infrastructure and exterior upgrades.
Built in 1974 and located at 3905 Tower Dr., Park Towers Apartment Homes is a mid-rise, pet-friendly apartment community, each featuring a private balcony or patio, accessible from the living room and bedroom. The property offers spacious one and two-bedrooms, two-bathroom floor plans ranging from 770 to 910 square feet, with a fully equipped kitchen featuring oak cabinets and walk-in closets. The community amenities include a fitness center, business center, on-site laundry facilities, a putting green, outdoor games and a playground. Situated near the Metra station and in proximity to major expressways, I-57/US-30, residents can enjoy instant access to small casual eateries, popular hot spots, abundant recreation options including hiking, golfing, entertainment and shopping.
For more information on Eastham Capital's unique investment approach and property portfolio, visit www.easthamcapital.com